Ondo State seals a $50bn investment deal for a major refinery and free trade zone, marking a new phase in the state’s industrial growth
Ondo State $50bn investment deal — The Ondo State Government has signed a landmark $50 billion investment agreement with a consortium of international firms under the Sunshine Infrastructure Joint Venture, signalling a new phase of industrial expansion and economic transformation.
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The firms involved in the deal include Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP, all working together under the Sunshine Infrastructure JV framework.
In a statement released by Ebenezer Adeniyan, Chief Press Secretary to Governor Lucky Aiyedatiwa, the governor described the agreement as a strategic step towards sustainable industrialisation and long-term economic stability.
According to the statement, the joint venture will oversee the development of a 500,000-barrel-per-day refinery and a 1,471-hectare Sunshine Free Trade Zone in Ilaje Local Government Area.
The initiative is backed by secured funding worth over $50 billion, following the execution of a Memorandum of Understanding with the Ondo State Investment Promotion Agency (ONDIPA).
Aiyedatiwa said the development marks a new dawn for Ondo State, positioning it as a major industrial hub in Nigeria.
“This investment will fast-track industrial development, attract more investors, and create thousands of jobs for our people,” he affirmed.
The Managing Director of Sunshine Infrastructure JV, Henry Owonka, revealed that the project’s initial $30 billion estimate was revised to $50 billion after expanding its scope to include broader infrastructure and community-driven initiatives.
He described the project as “a development framework that will transform industries, strengthen communities, and improve livelihoods.”
The refinery, once completed, will serve both local and international markets, while the project’s corporate social responsibility will focus on education, local employment, and infrastructure in host communities.
Governor Aiyedatiwa reaffirmed his administration’s dedication to transparency, ease of doing business, and full protection for investors.
He has continued to call on global partners to tap into Ondo’s rich natural resources and investment-friendly environment.
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With vast mineral deposits including bitumen, coal, gold, gas, and fertile agricultural land, Ondo State is steadily building its reputation as one of Nigeria’s most attractive destinations for large-scale investment.
